\multicolumn{4}{l}{Panel A: Importance of cohort-specific components} \\[2pt]
\hspace{3mm} $ 1 - R^2$&      0.969          &            &      0.359          \\
\hspace{3mm} St. Dev. of $\epsilon _{c,t}$&      0.200          &            &      0.087          \\
[4pt] \multicolumn{4}{l}{Panel B: Importance of cohort-specific components (w/ cohort linear trend controls)} \\[2pt]
\hspace{3mm} $ 1 - R^2$&      0.620          &            &      0.082          \\
\hspace{3mm} St. Dev. of $\epsilon _{c,t}$&      0.186          &            &      0.050          \\
[4pt]
\hline
Cohort-period obs.&        156          &            &        156          \\
Cohort obs. &         69          &            &         69          \\
\hline
